Congressional Watch: Two Coin-Related Bills Passed

Dec 2, 2010 | bullion, legislative, national park quarters, palladium, US Mint

In a rare move of bipartisanship, the Senate passed two bills coin-related bills by Unanimous Consent on Tuesday that were previously passed by the House of Representatives. Bills passed by Unanimous Consent are agree upon by both party’s leaders and a voice vote is taken on the floor as a formality. No record of the vote is taken.

The first bill that passed is the Coin Modernization, Oversight, and Continuity Act of 2010 (H.R.6166). Introduced by Melvin Watt (D-NC), Chairman of the Subcommittee on Domestic Monetary Policy and Technology following the hearing of “The State of U.S. Coins and Currency” held on July 20, 2010. As passed, the law requires the U.S. Mint to research minting metals used for coining money and to report to congress what changes should be made to prevent coin production from costing more than its face value. One forward thinking aspect of the law is that it requires to U.S. Mint to tie the research to actual production numbers, as opposed to hypothetical figures. The U.S. Mint has two years to complete the research and report back to the subcommittee.

H.R.6166 also includes two technical changes to the law that will affect collectors. One change allows the U.S. Mint to change size of the planchet used for the National Park Bullion Program from 3-inches to a size between 2.5 and 3-inches. This will help the U.S. Mint deal with technical issues that has delayed the issue of the five ounce bullion coins.

For fans of the American Eagle proof programs, a wording change in the law allows the U.S. Mint to divert gold and silver to meet the demand for numismatic collectible coins. The change does not set minimum or maximum limits of coins struck but it will prevent future gaps in our collections.

Speaking of the American Eagle program, the Senate also passed the American Eagle Palladium Bullion Coin Act of 2010 (H.R.6166). The bill was introduced by Rep. Dennis Rehberg (R-MT) in support of the primary support of palladium mining in Montana where 95-percent of all United States palladium deposits are. The new law will add a one-ounce .9995 fine palladium bullion coin to the American Eagle Bullion Program. The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal were design by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.

When the same bill passes both houses of congress, the bill is formally enrolled by being printed in the Congressional Record and printed on archival paper before being sent to the White House for the president’s signature. President Obama is expected to sign both bills when the paperwork makes it way down Pennsylvania Avenue.

1938 Mercury Dime image is owned by the author.
Image of the 1907 AIA Medal copied from Architecture: celebrating the past, designing the future by Nancy B. Solomon.

New Page: Bill Tracker

Nov 26, 2010 | administrative, legislative

You might have noticed a new element at the top of the list today. It is a widget that allows me to connect pages of information to the blog. These are not blog posts but will use the blog’s template to give the information a seamless feel. The first page created is a numismatic bill tracker that covers all of the bills that have yet to pass the 111th congress. It is intended to be an extension of my previous report, this page uses the information offered by govtrack.us to provide a status of individual bills.

While this page was manually generated, I am looking into automating page updates and provide notification as top when things change for the next (112th) congress.

Remember, since the Mint Does What It’s Told by Law to Do, then we should watch what is coming out of congress. After all, it is congress that passes the laws!

Lame Duck Prognostications

Nov 6, 2010 | commemorative, legislative, palladium, policy

Recently, I met someone familiar with the internal workings of congress. After talking about the election, I asked about the coin-related bills that were still in congress waiting for action in the lame duck session. I passed along the link to my post about Coin Legislation in the 111th Congress and asked if any of the bills passed the House of Representatives and in a Senate committee had the chance of being voted on. I was given the following report:

Bills Passed by the House and Referred to the Senate
Three bills have passed the House and sent to the Senate for their action. These bills are currently waiting for action in the Committee on Banking, Housing, and Urban Affairs. All three bills are expected to pass with the following modifications:

  1. Mother’s Day Centennial Commemorative Coin Act will pass without modification.

  2. American Eagle Palladium Bullion Coin Act of 2010 will be modified to allow the U.S. Mint to begin striking palladium coins in 2012.

  3. Coin Modernization, Oversight, and Continuity Act of 2010 will pass with the possible modification that the report is due to congress within 15 days of the end of the 2012 fiscal year.

Bills that are modified are required to be reconciled by a conference committee or just accepted by the House. It is expected that the House will accept the modifications by unanimous consent and will be signed by the president.

Bills Introduced in the House of Representatives
There are 13 commemorative coin bills waiting for action in the House Subcommittee on Domestic Monetary Policy and Technology. None of the bills are expected to receive attention and will “die in committee” at the adjournment of the 111th Congress.

In addition to the commemorative bills, there are three other bills related to collectors and investors that are likely to see some action:

  1. Free Competition in Currency Act of 2009 was introduced by Ron Paul (R-TX) and referred to the Subcommittee on Commercial and Administrative Law. The basic provisions of this bill calls for the elimination of all taxes on the sale and transfer of bullion and coins. It also changes the law to allow precious metals to be used as coins or a medium of exchange. As the future chairman of the Domestic Monetary Policy and Technology Subcommittee, Paul may not push this bill. Rather, he will wait until the 112th congress to have it assigned to his subcommittee so he can control the outcome. This bill is unlikely to pass in the Democratic-controlled lame duck congress.

  2. Coin and Precious Metal Disclosure Act was introduced by Anthony D. Weiner (D-NY) and referred to the House Committee on Energy and Commerce. This bill is referred to as the Goldline Act since Rep. Weiner has targeted Goldline in his commentary regarding this bill. Because of the controversial nature of this bill and the potential for side effects that could hurt other industries, it is unlikely that this bill will be brought up again in committee.

  3. Small Business Paperwork Mandate Elimination Act was introduced by Dan Lungren (R-CA) and referred to the House Committee on Ways and Means. This is the bill that will remove the requirement to report all goods and services purchased in excess of $600 with an IRS 1099 form beginning in 2012 that was part of the health care reform legislation. Almost everyone in almost every industry is in favor of this bill’s passage. Sen. Mike Johanns (R-NE) has introduced S.3578 as a companion bill in the Senate. Although this bill has bipartisan support and should pass with few issues, there is a concern that more conservative members will create a problem when demanding that revenues lost by this measure be made up elsewhere. Revenue enhancements (read: taxes) will be deferred to the 112th congress allowing this bill to pass. The president is expected to sign this bill into law.

Bills Introduced in the Senate
There are 11 commemorative coin bills waiting for action in the Senate Committee on Banking, Housing, and Urban Affairs. Only the Mother’s Day Centennial Commemorative Coin Act introduced by John D. Rockefeller (D-WV) as S.1012 may receive some consideration. Sources report that this may be done as a favor by outgoing Chairman Christopher Dodd (D-CT) for Sen. Rockefeller. If this bill is voted on by the Senate, it is unlikely to be considered in the House.

No further bills are expected to be introduced.

This will end the 111th Congress. It will certainly make for an interesting study for future historians. But for today, we can only wonder what the 112th Congress will have in store for collectors.

Coin Legislation in the 111th Congress

Oct 14, 2010 | coins, commemorative, legislative

As we know, the U.S. Mint does exactly what it is told by law. In order to understand what the U.S. Mint will do in the future is to follow what coin-related laws are introduced and passed. Watching congress could be a sport in itself but for our purposes, we limit the watching to legislation concerning coin and U.S. Mint. Since congress is in recess until November and the 111th congress getting ready to adjourn for the last time before the 112th congress begins on January 3, 2011, it appeared to be a good time to review their numismatic-related work.

Bills Passed Into Public Law

These are the bills that have passed both houses of congress and sent to the President for his signature.

Girl Scouts USA Centennial Commemorative Coin Act
Introduced by Jack Kingston (R-GA) as H.R.621
Became Public Law No: 111-86 [txt, pdf] on 10/29/09
One coin issued in 2013:

  1. 350,000 $1 silver coins

Surcharges paid to the Girl Scouts of the United States of America

  1. $10 per coin for the $1 silver coin

Medal of Honor Commemorative Coin Act of 2009
Introduced by Christopher Carney (D-PA) as H.R.1209
Became Public Law No: 111-91 [txt, pdf] on 11/6/09
Two coins issued in 2011:

  1. 100,000 $5 gold coins
  2. 500,000 $1 silver coins

Surcharges paid to the Congressional Medal of Honor Foundation

  1. $35 per coin for the $5 gold coin
  2. $10 per coin for the $1 silver coin

Coin Images→Medal of Honor Commemorative $5 Gold Coin — Medal of Honor Commemorative $1 Silver Coin

Star-Spangled Banner Commemorative Coin Act
Introduced by Dutch Ruppersberger (D-MD) as H.R.2097
Became Public Law No: 111-232 [txt, pdf] on 8/16/10
Two coins issued in 2012:

  1. 100,000 $5 gold coins
  2. 500,000 $1 silver coins

Surcharges paid to the Maryland War of 1812 Bicentennial Commission

  1. $35 per coin for the $5 gold coin
  2. $10 per coin for the $1 silver coin

5-Star Generals Commemorative Coin Act
Introduced by Dennis Moore (D-KS) as H.R.1177
Became Public Law No: 111-262 [txt, pdf] on 10/8/10
Three coins issued in 2013:

  1. 100,000 $5 gold coins
  2. 500,000 $1 silver coins
  3. 750,000 half-dollar clad coins

Surcharges paid to the Command and General Staff College Foundation

  1. $35 per coin for the $5 gold coin
  2. $10 per coin for the $1 silver coin
  3. $5 per coin for the half dollar clad coin

Bills Passed by the House and Referred to the Senate

These are the bills that have gone through the legislative process in the House of Representatives, have been enrolled, and sent to the Senate for their action. Coin bills in the Senate are referred to the Committee on Banking, Housing, and Urban Affairs.

Mother’s Day Centennial Commemorative Coin Act
Introduced by Shelly Capito (R-WV) as H.R.2421
Passed by House on 5/6/10
One coin issued in 2014:

  1. 400,000 $1 silver coins

Surcharges paid to Susan G. Komen for the Cure and National Osteoporosis Foundation

  1. $10 per coin for the $1 silver coin

American Eagle Palladium Bullion Coin Act of 2010
Introduced by Denny Rehberg (R-MT) as H.R.6166
Passed by House on 9/29/10
Adds a $25 palladium bullion coin to the American Eagle Bullion Program. The bill requires the design to be as follows:

  1. Obverse same as Mercury Dime
  2. Reverse design of the 1907 American Institute of Architects medal

Coin Modernization, Oversight, and Continuity Act of 2010
Introduced by Melvin Watt (D-NC) as H.R.6162
Passed by House on 9/29/10
Requires the U.S. Mint to research minting metals used for coining money. Sets the study length to two years and requires the U.S. Mint to tie the research to Mint production. Bill includes two technical changes:

  1. Changes the American Eagle Bullion Program to allow the U.S. Mint to divert materials to strike collectibles
  2. Changes the National Park Bullion program to allow the U.S. Mint change the size of the planchet from 2.5 to 3.0 inches

Sources report that these three bills are expected to pass the Senate during the lame duck session.

Bills Introduced in the House of Representatives

Any member of the House of Representatives can submit a commemorative coin bill. All they have to do is format the bill correctly and drop it into the hopper where the Clerk of the House assigns a bill number and sent to the Speaker of the House who assigns the bill to a committee. Commemorative coin bills are assigned to the Domestic Monetary Policy and Technology subcommittee under the Committee on Financial Services. It is up to the chairman of the committee and subcommittee to determine whether the bill will be scheduled for debate or tabled indefinitely.

Bills not acted upon do not carry over between congresses meaning if they are not passed into law, they will not be part of the 112th congress unless they are introduced during that session. These bills are said that they “died in committee.”

The following bills are not coin or numismatic-related bills but they are of interest to collectors and investors:

Free Competition in Currency Act of 2009
Introduced by Ron Paul (R-TX) as H.R.4248 on 12/9/2009 and referred to the Subcommittee on Commercial and Administrative Law. The basic provisions of this bill is as follows:

  1. Calls for the elimnation of all taxes on the sale and tranfer of bullion and coins
  2. Changes the law to allow precious metals to be used as coins or a medium of exchange. This was introduced after the Justice Department stopped the production of the Amero as being illegal.

Coin and Precious Metal Disclosure Act
Introduced by Anthony D. Weiner (D-NY) as H.R.6149 on 9/16/2010 and referred to the House Committee on Energy and Commerce. Bill is intended as a consumer protection law that requires sellers of precious metal coins and bullion to provide additional information to the potential buyer. Sometimes referred to as the Goldline Act since Rep. Weiner has targeted Goldline in his commentary regarding this bill, there are side effects that may impact coin dealers that are not part of Rep. Weiner’s target.

Small Business Paperwork Mandate Elimination Act
Introduced by Dan Lungren (R-CA) as H.R.5141 and referred to the House Committee on Ways and Means. This is the bill that will remove the requirement to report all goods and services purchased in excess of $600 with an IRS 1099 form beginning in 2012 that was part of the health care reform legislation. Almost everyone in almost every industry is in favor of this bill’s passage. Sen. Mike Johanns (R-NE) has introduced S.3578 as a companion bill in the Senate. Sources report that one of the bills will be passed in the lame duck session. However, there is a concern that the President may veto the legislation if the revenues are not made up elsewhere.

The following commemorative coin bills have been introduced and are in committee waiting for action:

  • NASA 50th Anniversary Commemorative Coin Act — Introduced by Sheila Jackson-Lee (D-TX) as H.R.255 on 1/7/2009
  • Mark Twain Commemorative Coin Act — Introduced by John Larson (D-CT) as H.R.1195 on 2/25/2009
  • Revolutionary War and War of 1812 Battlefields Commemorative Coin Act of 2009 — Introduced by Rush Holt (D-NJ) as H.R.2001 on 4/21/2009
  • Robert M. La Follette, Sr. Commemorative Coin Act — Introduced by Tammy Baldwin (D-WI) as H.R.2318 on 5/7/2009
  • United States Marshals Service 225th Anniversary Commemorative Coin Act — Introduced by John Boozman (R-AR) as H.R.2799 on 6/10/2009
  • Ronald Reagan Commemorative Coin Act of 2009 — Introduced by Robert E. Latta (R-OH) as H.R.3341 on 7/24/2009
  • Original Saint-Gaudens Double Eagle Ultra-High Relief Bullion Coin Act of 2009 — Introduced by Denny Rehberg (R-MT) as H.R.3405 on 7/30/2009
  • National Future Farmers of America Commemorative Coin Act of 2009 — Introduced by Bruce L. Braley (D-IA) as H.R.3464 on 7/31/2009
  • National September 11 Memorial & Museum Commemorative Coin Act of 2009 — Introduced by Jerrold Nadler (D-NY) as H.R.3549 on 9/10/2009
  • 1863 Gettysburg Campaign Act — Introduced by Todd Russell Platts (R-PA) as H.R.3712 on 10/1/2009
  • International Civil Rights Center and Museum Commemorative Coin Act — Introduced by Brad Miller (D-NC) as H.R.3912 on 10/22/2009
  • James Monroe Commemorative Coin Act — Introduced by Robert J. Wittman (R-VA) as H.R.4329 on 12/16/2009
  • United States Marshals Service 225th Anniversary Commemorative Coin Act — Introduced by John Boozman (R-AR) as H.R.5680 on 7/1/2010

Bills Introduced in the Senate

Article I, Section 7 of the U.S. constitution says “All Bills for raising Revenue shall originate in the House of Representatives.” Since all commemorative coin bills raise revenue, they must originate in the House. However, it is common for senators to introduce bills to influence their House counterparts to introduce a similar bill or they will introduce a companion bill in support. Very few of the coin-related bills introduced in the Senate become law. Those that do become law are amended versions of the House bills passed in the Senate and sent back to the House for a vote—usually with concurrence of the House leadership. This process eliminates the need for a conference committee to reconcile bills.

Coin-related bills introduced in the Senate are assigned to the Committee on Banking, Housing, and Urban Affairs. The following list are the bills that have been introduced in the Senate with the compaion bills that have become law removed:

  • Mark Twain Commemorative Coin Act — Introduced by Christopher J. Dodd (D-CT) as S.483 on 2/25/2009
  • Original Saint-Gaudens Double Eagle Ultra-High Relief Bullion Coin Act of 2009 — Introduced by Max Baucus (D-MT) as S.758 on 4/1/2009
  • Robert M. La Follette, Sr. Commemorative Coin Act — Introduced by Russell D. Feingold (D-WI) as S.945 on 4/30/2009
  • Mother’s Day Centennial Commemorative Coin Act — Introduced by John D. Rockefeller (D-WV) as S.1012 on 5/7/200
  • Fair Treatment for Precious Metals Investors Act — Introduced by Mike Crapo (R-ID) as S.1367 on 6/25/2009
  • National Future Farmers of America Commemorative Coin Act of 2009 — Introduced by Chuck Grassley (R-IA) as S.1553 on 7/31/2009
  • Options for Investors through United States Certified Coins Act of 2009 — Introduced by David Vitter (R-LA) as S.1769 on 10/8/2009
  • International Civil Rights Center and Museum Commemorative Coin Act — Introduced by Kay Hagan (D-NC) as S.1819 on 10/21/2009
  • United States Marshals Service 225th Anniversary Commemorative Coin Act — Introduced by Blanche L. Lincoln (D-AR) as S.2106 on 10/29/2009
  • 1863 Gettysburg Campaign Act — Introduced by Arlen Specter (D-PA) as S.3009 on 2/11/2010
  • United States Marshals Service 225th Anniversary Commemorative Coin Act — Introduced by Blanche L. Lincoln (D-AR) as S.3572 on 7/13/2010

Honoring Mike Castle

Sep 20, 2010 | coins, legislative, policy

Collectors have very few friends in congress. In most cases, members of congress usually do not care for collectors. While some will sponsor and promote a few commemorative issues, most of the time they are interested in promoting the cause that will receive the surcharges from the sales. But for 18 years, numismatist have had one friend in congress: Mike Castle (R-DE).

Michael Newbold Castle, 71, from Wilmington, has been the representative at-large from Delaware since 1993. As a direct descendant of Benjamin Franklin, Castle has worked in public service in Delaware since serving as Deputy Attorney General in 1965-1966. Castle rose through the ranks by being elected to the Delaware State Legislature, State Senate, Lieutenant Governor, Governor, then U.S. Representative. His long service to Delaware is legendary. But that was not enough for Castle to win the Republican primary for the U.S. Senate last week.

Castle has made his first indelible mark on numismatics within a few years of his arrival in the House. In 1996, Castle consolidated several commemorative requests into the United States Commemorative Coin Act of 1996 which became Public Law Number 104-329 ([text] [pdf]). This act authorized the following commemorative coins:

  • 1997 Franklin Delano Roosevelt
  • 1997 Jackie Robinson
  • 1997 National Law Enforcement Officers Memorial
  • 1998 Black Revolutionary War Patriots
  • 1999 Dolley Madison
  • 1999 George Washington Bicentennial of his Death
  • 1999 Yellowstone National Park

The Commemorative Coin Act of 1996 also included a “study” that lead to the 50 States Commemorative Coin Program Act, Public Law Number 105-124 ([text] [pdf]). Aside from creating the 50 State Quarters Program, the law also authorized the Sacagawea Dollar and the 2003 First Flight Commemorative. Castle worked with the American Numismatic Association and other numismatic organizations to craft a bill that lead to one of the biggest increase in numismatic interests ever. The 50 State Quarters program was one of the most successful programs ever.

Another idea of Mike Castle’s was a coin series to honor past presidents. Castle first introduced the Presidential $1 Coin Act of 2005 in the house (as H.R. 902). Even those the version introduced in the senate was the one that eventually became Public Law 109-145 ([text] [pdf]), it was Castle’s idea.

Probably the last significant piece of coin legislation that Castle will sponsor is the America’s Beautiful National Parks Quarter Dollar Coin Act of 2008, Public Law Number 110-456 ([text] [pdf]). As a follow-up to the 50 State Quarter program, the America the Beautiful Quarters® Program will feature reverse designs of national parks or other national sites from all 50 states, the District of Columbia, and the U.S insular territories. The program started this year and will run through 2021.

Mike Castle will not appear on a ballot for the first time since 1966. His current term in the House of Representatives will end on January 3, 2011. He ends his career in the House being recognized as the numismatists’ friend after working on the passage of landmark coin-related legislation aimed at the collector. For his service to our hobby, I honor Castle’s accomplishment and wish him well in his (forced) retirement.

Star-Spangled Commem Coming in 2012

Aug 22, 2010 | commemorative, legislative

After a rare case of bipartisanship (Senate passed it by unanimous connect and it passed the House of Representatives on a 419-1 vote), the President signed H.R. 2097, Star-Spangled Banner Bicentennial Commemorative Coin Act which become Public Law No. 111-232 ([Text] [PDF]).

Some historians call War of 1812 the United State’s second revolutionary war. The primary reason for declaring war on Great Britain was after years of the Royal Navy harassing or capturing merchant ships bound for France. At the time, England was in the middle of the Napoleonic Wars and was trying to prevent France from getting the supplies it needed. This lead to President James Madison to give a speech to congress explaining England’s actions. Although Madison did not call for a declaration of war, the Democrat-Republican lead congress voted to declare war on Great Britain (79-49 in the House, 19-13 in the Senate). Madison signed the declaration on June 18, 1812.

During the march to Baltimore after the British attack on Washington, D.C., the British took Dr. William Beanes as a prisoner. Beanes was imprisoned in Baltimore as the Royal Navy gathered forces for their attack on Fort McHenry in Baltimore Harbor.

Word of Beanes’s capture reached Francis Scott Key, an accomplished lawyer, prosecutor, poet, and friend of Dr. Beanes. Key, who was known as a skilled negotiator and a very temperate man, was asked by the Army to accompany prisoner exchange agent Colonel John Stuart Skinner to Baltimore to secure the release of Dr. Beanes. On September 7, 1814, Key and COL Skinner dined with British officers abroad the HMS Tonnant to negotiate the release of prisoners. ALthough Beanes was released, the British would not let the men leave the ship because they had heard about the British plans to attack Fort McHenry.

That night, Key, Skinner, and Beanes watched as the Royal Navy bombarded Fort McHenry. As the smoke cleared on the morning of September 14, 1814 after 25-hours of bombardment, Key was able to see the American flag still flying over Fort McHenry. Key was so moved by the sight that after returning home, he wrote the poem “The Defence of Fort McHenry.” The poem was published in the Baltimore Patriot on September 20, 1814.

When the poem was published, it was noted that it could be sung to the music of The Anacreontic Song, the official song of the Anacreontic Society. Shortly after publication, the music and words were published together by Thomas Carr and renamed the Star-Spangled Banner.

Throughout the 19th century, it became popular to sing this poem on July 4th to commemorate Independence Day. Its first official recognition came in 1889 when Secretary of the Navy Benjamin F. Tracy signed an order making The Star-Spangled Banner the official tune to be played at the raising of the flag.

Although it was popular that The Star-Spangled Banner be played when raising the flag, it did not receive an official declaration until 1916 when President Woodrow Wilson signed an executive order saying that it be played at all military and other appropriate diplomatic occasions. President Herbert Hoover signed the law making The Star-Spangled Banner the official national anthem of the United States on March 3, 1931.

The Star-Spangled Banner Commemorative Coin Act commemorates the bicentennial of the War of 1812 and the Star-Spangled Banner by issuing commemorative coins in 2012. These coins are to have a design “emblematic of the War of 1812 and particularly the Battle for Baltimore that formed the basis for the Star-Spangled Banner.” The program will include 100,000 $5 gold coins and 500,000 $1 silver coins.

Sales of these coins will include a $35 surcharge for the $5 gold coin and $10 for the $1 silver coin (a total of $8.5 million if the coins sellout), that will be paid to the Maryland War of 1812 Bicentennial Commission “for the purpose of supporting bicentennial activities, educational outreach activities (including supporting scholarly research and the development of exhibits), and preservation and improvement activities pertaining to the sites and structures relating to the War of 1812.”

The Maryland War of 1812 Bicentennial Commission is planning quite a few events through the anniversary of Key writing “In Defence of Fort McHenry.” Check their website for schedule and plan a trip to help celebrate.

Read the Blog Before Buying the Coin or Writing the Editor

Sep 23, 2009 | legal, legislative, US Mint

One of the more interesting aspects of writing this blog is to be able to look into various aspects of numismatics and being able to explain what I discover to my readers. Sometimes, this research allows me to use what I write as a teachable moment to others. While I certainly subscribe to Aaron R. Feldman’s recommendation to “buy the book before you buy the coin,” but sometimes it may pay to read the blog.

Not long ago, I read an article printed in Numismatic News that had the valid point that the US Mint needs new and innovative direction. However, the writer placed the blame on the Mint itself without considering the law that govern everything the Mint does.

Long time readers may have remembered my post Sausage Making And Coin Production that described the process of how a coin or medal goes from being an idea to becoming a coin in detail. It is a sausage making process that would even scare Otto von Bismarck!

I felt that the writer of the opinion piece did not take into consideration that nearly everything the US Mint does is prescribed by law, as i described in my posting. So I took that posting, reworked it a bit to be more suitable for printed media, and sent it to Dave Harper, editor of Numismatic News. I learned from a colleague that the article has appeared on their website.

Long time readers will recognize the topic. Newer readers can use it to catch up. In either case, we might want to alter Feldman’s advice to “read the blog before buying the coin or writing the editor.”

Thank you to all of my readers for being my inspiration.

Proposed Congressional Gold Medals

Apr 11, 2009 | legislative, medals

Last week, I caught up with the commemorative legislation that has been submitted for consideration. This week, with congress on their spring break, I want to run down the Gold Medals that congress proposes to award.

The Congressional Gold Medal of Honor is the highest and most distinguished civilian award in the United States. Since first awarding the Gold Medal of Honor to General George Washington in 1776, there have been over 250 recipients, both individuals and groups. There have been two two-time winners: Major General Winfield Scott and John Horn, Jr.; and three-time winner Major General Zachary Taylor.

In order to award the Congressional Gold Medal, a member has to introduce a bill to gain congress’s consent. The introduction to the bill, what I call the “where as” section, describes why the person or group is deserving of the honor. Included in the bill is an authorization to the US Mint to strike bronze duplicates of the medal. Similarly, the design of the medal must go through the same design approval process as coins, involving the Citizens Coinage Advisory Committee and the U.S. Commission of Fine Arts.

Before one of these bills to be considered, the House Committee on Financial Services requires that Gold Medal legislation be co-sponsored by 75-percent of the members, the same as for commemorative coins. Currently none of the legislation that has been introduces has reached that threshold. As with commemorative legislation, there are no similar rules in the Senate.

Unlike bills for commemorative coins, proceeds from the sale of the duplicate bronze medals are paid into the US Mint Public Enterprise Fund where all seignorage from the US Mint is deposited. These bills also allow the Mint to withdraw funds to support the design and creation of the gold medal and bronze duplicates.

Here is a list of the legislation introduced to award the Congressional Gold Medal of Honor in the 111th congress:

H.R. 289: To authorize the President to posthumously award a gold medal on behalf of the Congress to the seven members of the crew of the space shuttle Columbia in recognition of their outstanding and enduring contributions to the Nation. Introduced by Rep. Sheila Jackson-Lee (D-TX) on January 8, 2009, with no current co-sponsors.

H.R. 304: To award a congressional gold medal to Joseph Barnett Kirsner, M.D., Ph.D., in recognition of his many outstanding contributions to the Nation. Introduced by Rep. Mark Steven Kirk (R-IL) on January 8, 2009, with one co-sponsor.

H.R. 347: To grant the congressional gold medal, collectively, to the 100th Infantry Battalion and the 442nd Regimental Combat Team, United States Army, in recognition of their dedicated service during World War II. Introduced by Rep. Adam B. Schiff (D-CA) on January 8, 2009, currently with 225 co-sponsors.

H.R. 406: To award a Congressional Gold Medal in recognition of Alice Paul’s role in the women’s suffrage movement and in advancing equal rights for women. Introduced by Rep. Joe Baca (D-CA) on January 9, 2009, currently with 107 co-sponsors.

H.R. 1235: To award a Congressional Gold Medal to Ray Charles in recognition of his many contributions to the Nation. Introduced by Rep. Charles B. Rangel (D-NY) on February 26, 2009. This bill currently has no co-sponsors.

H.R. 1243: To provide for the award of a gold medal on behalf of Congress to Arnold Palmer in recognition of his service to the Nation in promoting excellence and good sportsmanship in golf. Introduced by Rep. Joe Baca (R-CA) on March 2, 2009. With 302 co-sponsors, this is short of the 324 to be placed on the committee’s calendar.

H.R. 1244: To provide for the award of a gold medal on behalf of the Congress to Tiger Woods, in recognition of his service to the Nation in promoting excellence and good sportsmanship, and in breaking barriers with grace and dignity by showing that golf is a sport for all people. Apparently, Rep. Joe Baca (R-CA) is a golf fan because he introduced this bill on March 2, 2009, right after he introduced H.R. 1243 (see above). There are currently no co-sponsors for this bill.

H.R. 1278: To posthumously award a Congressional gold medal to Shirley Chisholm. Introduced by Rep. Charles B. Rangel (D-NY) on March 3, 2009. Rangel represents New York’s 15th District that includes all of upper Manhattan and is very identified with the Harlem community. This bill has no co-sponsors.

H.R. 1484: To award a Congressional Gold Medal to Rabbi Arthur Schneier in recognition of his pioneering role in promoting religious freedom and human rights throughout the world, for close to half a century. Introduced by Rep. Carolyn B. Maloney (D-NY) on March 12, 2009. Maloney represents New York’s 14th District where Rabbi Schneier is the spiritual leader of the Park East Synagogue.

S. 614: A bill to award a Congressional Gold Medal to the Women Airforce Service Pilots (“WASP”). Introduced by Sen. Kay Bailey Hutchison (R-TX) on March 17, 2009. This bill currently has 35 co-sponsors.

S. 768: A bill to grant the Congressional Gold Medal to the soldiers from the United States who were prisoners of war at Bataan during World War II. Introduced by Sen. Tom Udall (D-NM) on April 1, 2009, with 7 co-sponsors.

Just like commemorative coins bills, all bills introduced in the House of Representatives have been referred to the House Committee on Financial Services. Those introduced in the Senate are referred to the Committee on Banking, Housing, and Urban Affairs.

Catching Up On The Legislative Front

Apr 3, 2009 | commemorative, legislative

With the economic crisis, failing of industries, the fighting of two wars, and partisan bickering, some members of congress has found time to author and submit bills to authorize the striking of commemorative coins. Many of these bills have merit, but the timing is in question.

For the 111th Congress, the House Committee on Financial Services set a rule that requires a coin bill to be co-sponsored by 75-percent of the members. Considering that there are two open seats, the committee is requiring that the bill have 324 cosponsors. Currently, no coin bill has that many sponsors. I am sure as the session continues, there will be some movement on a few of these bills. There are no similar rules in the Senate.

Here is a rundown of the commemoratives legislation that have been introduced in congress:

H.R. 255: To require the Secretary of the Treasury to mint coins in commemoration of the 50th anniversary of the establishment of the National Aeronautics and Space Administration. Introduced by Rep. Rep Sheila Jackson-Lee (D-TX) was introduced on January 7, 2009. If passed, the bill should raise more than $5 million that would benefit the NASA Family Assistance Fund, the Dr. Ronald E. McNair Educational (D.R.E.M.E.) Science Literacy Foundation, the Challenger Center for Space Science Education, and the Steven F. Udvar-Hazy Center of the National Air and Space Museum.

H.R. 621 and S. 451: To require the Secretary of the Treasury to mint coins in commemoration of the centennial of the establishment of the Girl Scouts of the United States of America. Introduced by Rep. Jack Kingston (R-GA) in the House on January 21, 2009 and Sen. Susan Collins (R-ME) in the Senate on February 23, 2009. If passed, the potential $3.5 million paid in surcharges will be given to the Girl Scouts of America.

H.R. 1177 and S. 455: To require the Secretary of the Treasury to mint coins in recognition of 5 United States Army 5-Star Generals, George Marshall, Douglas MacArthur, Dwight Eisenhower, Henry “Hap” Arnold, and Omar Bradley, alumni of the United States Army Command and General Staff College, Fort Leavenworth, Kansas, to coincide with the celebration of the 132nd Anniversary of the founding of the United States Army Command and General Staff College.. Introduced by Rep. Dennis Moore (D-KS) in the House on February 25, 2009 and Sen. Pat Roberts (R-KS) in the Senate on February 23, 2009. If all of the proposed coins sold out, the $12.25 million in surcharges will be paid to the Command and General Staff College Foundation.

H.R. 1195 and S. 483: To require the Secretary of the Treasury to mint coins in commemoration of Mark Twain. Introduced by Rep. John Larson (D-CT) in the house and by Sen. Chris Dodd (D-CT) in the Senate on February 25, 2009. The potential $8.5 million in surcharges will be divided up between the Mark Twain House & Museum in Hartford, Connecticut; he Mark Twain Project at the Bancroft Library of the University of California, Berkeley, California; the Center for Mark Twain Studies at Elmira College, New York; and the Mark Twain Boyhood Home and Museum in Hannibal, Missouri.

H.R. 1209: To require the Secretary of the Treasury to mint coins in recognition and celebration of the establishment of the Medal of Honor in 1861, America’s highest award for valor in action against an enemy force which can be bestowed upon an individual serving in the Armed Services of the United States, to honor the American military men and women who have been recipients of the Medal of Honor, and to promote awareness of what the Medal of Honor represents and how ordinary Americans, through courage, sacrifice, selfless service and patriotism, can challenge fate and change the course of history or the short title of Medal of Honor Commemorative Coin Act of 2009. Introduces by Rep. Chris Carney (D-PA) on February 26, 2006 and currently with 203 sponsors. If passed, the potential $8.5 million in surcharges would be paid to the Congressional Medal of Honor Foundation.

S. 653: A bill to require the Secretary of the Treasury to mint coins in commemoration of the bicentennial of the writing of the Star-Spangled Banner. Introduces by Sen. Ben Cardin (D-MD) and Sen. Barbara Mikulski (D-MD) on March 19, 2009. The potential $8.5 million in surcharges will be paid to the Maryland War of 1812 Bicentennial Commission.

All bills introduced in the House of Representatives have been referred to the House Committee on Financial Services. Those introduced in the Senate are referred to the Committee on Banking, Housing, and Urban Affairs.

Founded 220 Year Ago

Mar 4, 2009 | history, legislative

On March 4, 1789, the first congress convened under the new Constitution of the United States of America. Congress met at Federal Hall in New York City, the temporary capital until Washington, DC was built. Because March 4 was the first day of the constitutional government, it was the day that the president would be sworn in. This would last until the passage of the 20th Amendment of the Constitution in 1933.

The formation and seating of congress predates the presidency. After meeting on March 4, committees were formed to create an infrastructure for the legislative branch, which was then debated on April 1, 1789, when congress had its first quorum. One of its first orders of business was to form the Electoral College that voted George Washington as the first President of the United States. Washington, who did not accept a salary, was the only president to be unanimously elected by the Electoral College for both of his terms.

Washington appointed a cabinet and selected Alexander Hamilton as the first Secretary of the Treasury. In addition to setting up an economic system for the new country, Hamilton wrote a report to congress recommending a monetary system and a mint to strike coins in 1791. Congress did not pass the first Coinage Act until April 2, 1792.

As collectors, we can thank and curse congress over the politics of coin making in the United Sates. But without them, we would have nothing to collect!

Coin images courtesy of the US Mint.

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